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Ex-CFTC head says LIBRA encountered problems as a result of Facebook’s marred history; Bakkt to move forward with cash-backed Bitcoin Futures

Bitcoin

Christopher Giancarlo was the former Chairman of the Commodity Futures Trading Commission. According to Christopher, digital assets have begun to change the world at an alarmingly fast rate, which makes the job of regulators a lot harder. Facebook has been shunned as a result of poor “management of personal data” which surfaced when the Cambridge Analytica Data Breach scandal came to light.

Thus, politicians [senators and even governing officers in China, South-East Asia, and so on] have adopted a skeptical outlook towards LIBRA, which is scheduled to go LIVE next year. However, the launch may be delayed indefinitely, until those within the borders of the U.S.A. have faith in the venture.

Giancarlo also referred to the introduction of the Digitized version of the Yuan in the financial sector. He hopes that the Federal Reserve has a similar initiative in mind, as the U.S. Dollar might cease to be the dominant form of global currency in the future. “Convenience” is a necessary trait that needs to be reconsidered by economists.

Cash-settled Bitcoin Futures may be a dream that isn’t far from reach. Adam White [the Chief Operating Officer associated with Bakkt] hopes to bring in this new plan by the dawn of 2020. This would undoubtedly cause volumes on Bakkt to skyrocket yet again. Henceforth, they’ll be actively competing against the CME Group.

This feature will first be unleashed in Singapore. However, approval from the Monetary Authority of Singapore [MAS] is crucial for Adam, Kelly, and Co. to move forward.

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